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June 22, 2021
Business Featured News

BSP Bank receives Operational Excellence Award by Wells Fargo Bank, N.A

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On 19th March 2019 Wells Fargo, the fourth largest bank in the United States of America and Bank South Pacific’s (BSP) major US dollar correspondent bank awarded BSP the Wells Fargo Operational Excellence Crystal Award.

The award was presented personally by Ms. Judy Magala from Wells Fargo Bank, N. A. Representative Office to BSP’s International Operations Team in Port Moresby.

“We are pleased to provide Bank of South Pacific Limited with the Wells Fargo Operational Excellence Award.  Recipients of this award have demonstrated superior transaction processing quality resulting in higher efficiencies, cost reductions, and most importantly, honoured commitments to operational excellence to their own customers.  This award recognises your exceptional dedication to excellence and to serving the needs of your customers”.

The award is granted by Wells Fargo to its correspondent banks that had over 95 per cent straight through processing rate of their payments through Wells Fargo money transfer systems. (BSP had 98.87 percent STP). In layman’s terms, this reflects a very efficient processing of customer payment requests in USD. Similarly, our payments in AUD have a 98 percent STP processing rate.

The award, as such, is a recognition and affirmation of the speed and quality in payment processing operations that BSP manages to maintain with international standards and evolving customer demands.  This is the 5th year BSP has received this award for its high rating of US dollar cross border transfers.

“It is an honour to be viewed by Wells Fargo as one of the banks that provides high-quality and well-performing payments services. With our ongoing efforts to maintain alignment to international standards, BSP will continue providing a high quality payment capability to our customers,” Ms. Merolyn Samson, Head of International Operations.


Source: BSP Bank Limited Media Release

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